Should You Draw Up a Will When You're Young? Here's Why You Should

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When someone mentions the word 'will', most people associate the document with older people or individuals who own vast amounts of wealth. For this reason, most young people don't write their last will and testament. Instead, they wait to get to their 40s and 50s to start looking for an estate lawyer. Unfortunately, life isn't always certain. It's essential to protect your loved ones and ensure they are provided for in the event of your death. With this in mind, here are three instances when it's advisable to write a will even when you're young.

You Have Bought a Home

A home is one of the greatest investments most people make in their lifetime. Buying a home is a great deal, whether you are single or married. Therefore, with such an investment, it's crucial to have a will outlining what should happen in your absence. Do you have a favourite loved one you would like to inherit the house? Or would you like your spouse (if you get one) to have a share of your possessions? Outlining this will prevent contests which can see your property ending up in the hands of individuals who should have never partaken of your investment.

You Recently Got Married

Marriage presents a lot of opportunities for young people. It is after settling down in marriage that most people buy their first home and make meaningful investments. You may even start a business together with your spouse. While these investments may seem small, they are worth protecting from greedy relatives through the writing of a will. There are cases when spouses have been blocked from accessing property after their partner dies. If you left a will outlining your partner's share in your estate, such incidences wouldn't happen. Even if they did, the testament would validate your spouse's inheritance in a court of law.

You Just Got Your First Child

One important reason for writing a will is to protect your children in your absence. There are instances when people mismanage estates after the death of their partners, leaving the children with little to survive on. This is why you need to expressly state what your children will receive and how they will be catered to after your death. Trust funds and other clearly outlined channels ensure no adults can mismanage a child's inheritance after their parent's demise. The document also creates an avenue for you to appoint a guardian for your kids.

Writing a will at a young age is a great step in protecting your loved ones. You can always revise the document as you grow older and acquire more wealth and investments. Talk to a wills and estates lawyer for professional guidance.